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In a challenging year for Adagio Therapeutics (NASDAQ:IVVD), the biotech company’s stock has tumbled to a 52-week low, reaching a price level of just $0.38. This latest dip underscores a prolonged bearish trend for the company, which has seen its stock value plummet by an alarming 91.74% over the past year. According to InvestingPro data, the company’s market capitalization has shrunk to $46 million, with analyst price targets ranging from $1 to $10, suggesting significant uncertainty about its future trajectory. Investors have been grappling with a series of setbacks, including concerns over the company’s pipeline and market conditions that have been less than favorable for the biotech sector as a whole. The 52-week low serves as a stark indicator of the hurdles Adagio faces as it strives to regain its footing in an increasingly competitive landscape. Despite maintaining impressive gross profit margins of 92%, InvestingPro analysis indicates the company is rapidly burning through cash, with a weak overall financial health score. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of Adagio’s financial position.
In other recent news, Invivyd, Inc. has announced a series of significant developments. The biotechnology firm has applied for FDA approval to use its COVID-19 treatment, pemivibart, for immunocompromised patients. The treatment has demonstrated a favorable risk-benefit profile and has the potential to offer significant antiviral activity for several months after a single dose. Invivyd’s third-quarter financial results show steady growth with a net product revenue of $9.3 million, and the company is targeting profitability by June 2025 through strategic restructuring.
In addition, Invivyd has received a warning from the Nasdaq Stock Market LLC over potential delisting due to its stock price falling below the minimum bid price for 30 consecutive business days. Invivyd is considering options to regain compliance with Nasdaq’s standards. Amid these challenges, the company has announced the resignation of board member Sara Cotter.
Finally, Invivyd’s antibody, pemivibart, demonstrated an 80% to 90% reduction in symptomatic COVID-19 risk, and a new antibody candidate, VYD2311, began human studies in August 2024. These are recent developments in the company’s ongoing operations.
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